Today at their Q4 earnings call, Google made an announcement that towers over their strong profits: original founding CEO, Larry Page, will resume his old job with Eric Schmidt stepping into the role of Executive Chairman. Page has served as President of Products since 2001 when he left the CEO position. Google’s other co-founder, Sergey Brin, will continue to focus on products (though his title will simply be co-founder) while Schmidt takes time away from building business relationships to act as an advisor to both Larry and and Sergey.

TechCrunch is live at the event and transcribed Larry’s take on the changeover:

Eric has clearly done an outstanding job leading Google for the last decade. The results speak for themselves. There is no other CEO in the world that could have kept such headstrong founders so deeply involved and still run the business so brilliantly. Eric is a tremendous leader and I have learned innumerable lessons from him. His advice and efforts will be invaluable to me as I start in this new role. Google still has such incredible opportunity–we are only at the beginning and I can’t wait to get started.

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